Muddling through in Europe

Today's commentary
The scenario I laid out for Europe for 2014 in three posts on the global economy last week is one of muddling through. However, whereas in the US, there are upside risks, in Europe the risks are mostly to the downside, politically and economically. A few thoughts on the situation follow.
In my view, the risks are not just political, but also economic. Right now there are few positive catalysts that are easily recognizable except for the bottoming process I believe is ongoing...

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